- TYDE begins trading on the Nasdaq after the spin-off from Vinco Ventures.
- TYDE falls over 60% on its first day of trading.
- BBIG falls nearly 30% also as crypto remains under pressure.
Cryptyde (TYDE) stock launched on the Nasdaq on Thursday, and the first day of trading did not end well for the crypto company. TYDE shares fell from an opening print of $3.10 to close at $2.03 and posted a loss of just under 68% for Thursday. It was an inauspicious start.
Cryptyde stock news
Cryptyde is a spin-off from Vinco Ventures (BBIG). Each shareholder of BBIG got one share of Cryptyde for every ten shares of BBIG held. The original spin-off was due to distribute in May but was delayed until this week. Cryptide is a holding company that operates primarily in the crypto mining space. The company also has an old packaging division, but it appears that crypto mining is the main focus now. This has meant the stock is suffering from the so-called crypto winter as Bitcoin and other crypto prices collapse and crypto companies face liquidity pressures. The timing could not have been much worse for TYDE. When the spin-off deal was announced last year, Bitcoin was flying high as free Fed money flowed into high-risk assets. That ship has sailed, and it is a much harsher environment for risk assets currently. There is unlikely to be any change to that environment in the short term.
Cryptyde stock forecast
Technically, there is nothing to forecast, and it is hard to get a grasp on any financial data for TYDE. The latest SEC filing does show revenue growing from $1.7 million to $3.7 million from Q1 2021 versus Q1 2022. However in the same period expenses ballooned from $494K to $nearly $2 million, resulting in a loss of $1.4 million.
Source: SEC filings
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